ECONOMIC PROFILE 2021 - GREATER METROWEST
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GREATER METROWEST
ECONOMIC PROFILE
2021 ©
By: Maureen Dunne, M.B.A. Donald MacRitchie, M.A. Nasim Sabah, Ph.D.
Lori Lavigne, Ph.D. Martha Meaney, M.A. Fahlino Sjuib, Ph.D.
Laura Lamontagne, Ph.D. Mary Phelan, M.B.A., C.P.A. Beverly Soriano, M.S., C.P.A.
Rongbing Liu, Ph.D. Luis Rosero, Ph.D.
With assistance of MERCTM interns: Aline Dropsy, Christine Ortega and David Rabinowitz
Copyright 2021 Framingham State University
No material from this publication
may be reproduced in whole or in part
without the permission of the
MetroWest Economic Research Center (MERC),
Framingham State University.
MERC provides regional economic data.
MERC takes no position on policy issues at any level.
METROWEST ECONOMIC RESEARCH CENTER
Framingham State University
100 State Street, Framingham, MA 01701-9101
508-626-4033 | FAX: 508-626-4040
www.merc-online.org
METROWEST ECONOMIC RESEARCH CENTER
Framingham State University
100 State Street, Framingham, MA 01701-9101
508-626-4033 – FAX: 508-626-4040
www.merc-online.org
GREATER METROWEST
ECONOMIC PROFILE
2021©
TABLE OF CONTENTS
INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
UNEMPLOYMENT.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-9
EMPLOYMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-20
HOUSING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-25
MUNICIPAL REVENUE. . . . . . . . . . . . . . . . . . . . . . . . . . 26-35
K-12 PUBLIC SCHOOL ENROLLMENT. . . . . . . . . . 36-39
APPENDIX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40-43
SOURCES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
ACKNOWLEDGEMENTS. . . . . . . . . . . . . . . . . . . . . . . . 45
INTRODUCTION
Greater MetroWest (GMW) includes thirteen communities located between Boston and Worcester: the nine towns of
the MetroWest Cohesive Commercial Statistical Area (CCSA), and the four communities of the Greater Marlborough
Region. With a population of just under 300,000, the region hosts a well-educated and highly-skilled labor force
of more than 164,000 individuals who reside in households with high incomes when compared to the state and the
nation. Strategically located between Boston and Worcester, GMW benefits from four major highways serving the
region’s residents and businesses: Interstate 495, Interstate 90 (Massachusetts Turnpike) and U.S. routes 9 and 20.
Greater MetroWest establishments generated 191,879 jobs and a payroll of nearly $15.5B in 2019. The region provided
4.5% of the Massachusetts labor force, 5.3% of Massachusetts employment, and 5.6% of Massachusetts payroll.
Home to thousands of small and medium sized businesses as well as large national firms such as, Bose, Boston
Scientific, Cumberland/Gulf, Dell/EMC, GE Healthcare Life Sciences, Intel, Kidde-Fenwal, Mathworks, Quest
Diagnostics, Raytheon, Sanofi Genzyme, Staples, TJX, and the internationally-known U.S. Army Natick Laboratories,
GMW is a recognized center of research and development, wholesale and retail trade, and corporate headquarters.
Hudson
Sudbury
Hudson
$439,000
Hudson
Sudbury Marlborough Wayland
Marlborough Wayland
Northborough
Framingham
Southborough
Natick
Northborough
Westborough
Ashland
Sherborn
Hopkinton
*.)Holliston
Framingham
Southborough
Natick
Westborough
Ashland
Sherborn
Hopkinton
*.) Holliston
The 2021 Greater MetroWest Economic Profile includes the most recent economic data for the region and its
individual communities, and trends over several years as well as comparisons with the state and the nation. This
comprehensive publication provides economic data and analyses of labor force and unemployment, employment
(including payroll, wages and establishments), existing home sales, municipal revenue, municipal taxes, and K-12
public school enrollment.
The MetroWest Economic Research Center (MERC) at Framingham State University creates and maintains economic
databases on a number of regional economies in the state. For more information on the data and analyses in this
report, please contact MERC.*
* Due to the COVID-19 Pandemic, MERC was unable to conduct the Cost of Living survey this year. Therefore, the MetroWest
Cost of Living section is not included in this report.
4
UNEMPLOYMENT
UNEMPLOYMENT
E ch month, the MetroWest Economic Research
a
Center (MERC) at Framingham State University
calculates a composite unemployment rate for
those individuals who work as paid employees, are
self-employed, or who work 15 hours or more as unpaid
workers in a family-operated enterprise. Also included
the Greater MetroWest region, which includes as employed are people who did not work, but who
MetroWest and the Greater Marlborough Region. had a job from which they temporarily were absent
The unemployment rate is household-based and due to vacation, illness, childcare problems, or other
reflects the labor market status of the residents of the personal obligations, whether or not they were paid
regions. The information for the rate is obtained from during their absence. The unemployed are those
the Massachusetts Executive Office of Labor and who did not hold a job during the survey period but
Workforce Development (MA EOLWD) which provides were actively seeking employment. For example, the
monthly estimates of the size of the local labor force, January 2021 unemployment rate in Framingham of
the number of employed and unemployed residents, 5.8% was based on the following information: the size
and the unemployment rates for all Massachusetts of the labor force was estimated at 40,993 workers,
cities and towns. the sum of 38,601 residents who were employed and
2,392 residents who were unemployed. The rate,
expressed as a percentage, was obtained by dividing
the unemployed (2,392) by the labor force (40,993)
and multiplying by 100 to get the unemployment
rate of 5.8%.
Not everyone in the working age population is included
in the labor force. Individuals who were in the working
age population, but who could not be classified as
employed or unemployed (a full-time homemaker, for
example) would not be counted in the labor force.
The local area unemployment rates for the cities
and towns are not seasonally adjusted and are
subject to periodic revision and re-benchmarking.
For purposes of comparison, the state and national
unemployment rates shown in this report are likewise
not seasonally adjusted.1
The unemployment rate is a measure of the amount of
unutilized labor in the economy. The rate represents
the proportion of unemployed individuals in the
1 Thedefinition of terms such as labor force, employed, and unemployed
labor force. The labor force is defined as all civilian
are based on those in The BLS Handbook of Methods, U.S. Bureau of
non-institutionalized persons age 16 and over who are Labor Statistics, 2015.
either employed or unemployed. The employed are
5
UNEMPLOYMENT
1990 - 2020 ANNUAL UNEMPLOYMENT RATES
MW, GMR, MA and US
The annual unemployment rates for 10%
MetroWest (MW), the Greater Marlborough 9%
Region (GMR), Massachusetts, and the 8%
United States from 1990 to 2020 are
7%
calculated by averaging the monthly
unemployment rates for each year. 6%
5%
MW posted an unemployment rate of 6.9%
4%
in 2020 while GMR posted an unemployment
rate of 7.7% for the same year. Both MW’s 3%
and GMR’s rates were lower than the 2%
Massachusetts’ and the United States’ 1%
rate of 8.9% and 8.1%, respectively. 0%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
201 1
2012
2013
2014
2015
2016
2017
2018
2019
2020
As a reflection of the economic impact
caused by the COVID-19 Pandemic, between
2019 and 2020, both MW and GMR experienced MW GMR MA US
a significant increase in their unemployment
rates by 4.7 and 5.1 percentage points, respectively. Source: MA EOLWD and MERC
Massachusetts and the United States both experienced increases in their unemployment rates from 2019 to 2020 by 5.9 and
4.4 percentage points, respectively.
Despite the COVID-19 Pandemic, MW and GMR still posted annual unemployment rates lower than both Massachusetts and the
United States with the exception of 1991 when GMR recorded higher annual unemployment rate than the nation.
DECEMBER 1990 - JANUARY 2021 GMW MONTHLY UNEMPLOYMENT RATES
This graph examines the monthly unemployment 16%
rates and the 12-month moving average rates 14%
for MetroWest (MW, shown in green) and the
Greater Marlborough Region (GMR, shown in 12%
orange) from December 1990 to January 2021. 10%
The 12-month moving average smooths the
month-to-month variation of the data. 8%
MW and GMR reached their highest 6%
unemployment rate of 1 1.9% and 14.3% 4%
respectively in April 2020. Both peaks were
the result of the COVID-19 Pandemic economic 2%
impact. MW and GMR reached their lowest 0%
unemployment rates of 1.6% and 1.7%
Dec-90
Dec-91
Dec-92
Dec-93
Dec-94
Dec-95
Dec-96
Dec-97
Dec-98
Dec-99
Dec-00
Dec-01
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-1 1
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
respectively in October 2000.
The unemployment rate in MW in January 2021 was
MW Unemployment Rate MW 12-Month Moving Average
5.5% which decreased by 0.2 percentage points from
GMR Unemployment Rate GMR 12-Month Moving Average
5.7% of the previous month. GMR’s unemployment rate
in January 2021 was 6.4%, a slight increase of 0.1 percentage Source: MA EOLWD, MERC
points from the previous month’s rate in December 2020 of 6.3%.
The 12-month moving averages in both MW and GMR followed a similar pattern with their monthly rates from December 1990
through January 2021. GMR rates tend to be slightly higher than MW rates throughout the years.
6
UNEMPLOYMENT
JANUARY 2021 GMW UNEMPLOYMENT RATES
By Community
In January 2021, all thirteen communities 8.0% 7.5%
in Greater MetroWest (GMW) posted 7.0% 6.7% 7.0% 6.8%
6.6%
unemployment rates lower than the 7.0%
state’s rate of 7.5%. 5.8% 5.7% 5.8% 6.0%
6.0%
5.3% 5.1% 5.1% 5.3%
All the communities in GMW posted 5.0% 4.7%
5.0%
unemployment rates lower than that
of the nation’s rate of 6.8% except for 4.0%
Ashland and Marlborough.
3.0%
Among the thirteen communities,
Sherborn was the community that 2.0%
recorded the lowest unemployment rate
1.0%
of 4.7%, followed by Natick at 5.0%, and
Southborough and Sudbury both at 5.1%. 0%
The highest unemployment rates in the
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region were recorded by Ashland and
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Marlborough at 7.0%, followed by Hudson
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at 6.7% and Holliston at 6.6%. These were
Source: MA EOLWD and MERC
the four communities in the region that
experienced higher unemployment rates
than GMW’s rate of 6.0%.
JANUARY 1990 - JANUARY 2021 GMW LABOR FORCE VS. UNEMPLOYED
This graph uses two different scales to 175,000 25,000
Number of Individuals in the Labor Force
compare the labor force, shown in blue 170,000
Number of Unemployed Individuals
on the left-hand scale, to the number of 165,000 20,000
unemployed individuals, shown in red on
160,000
the right-hand scale, in Greater MetroWest
(GMW) from January 1990 to January 155,000 15,000
2021. The labor force includes individuals 150,000
aged 16 years and older who were either 145,000 10,000
employed or unemployed. An individual 140,000
is unemployed if he or she did not have
135,000 5,000
a job but was actively seeking employment.
130,000
GMW totaled 164,204 individuals in the
125,000 0
labor force in January 2021. The highest
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-1 1
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
recorded number of individuals in the
region was in July 2018 with 170,808
GMW Labor Force GMW Unemployed
individuals. The lowest recorded number
of individuals in the labor force was in May Source: MA EOLWD and MERC
1991 at 139,225 individuals.
In January 2021, GMW reported 9,546 unemployed individuals. The region registered its lowest number of unemployed
individuals in October 2000 with 2,498 individuals. The COVID-19 Pandemic caused the number of unemployed in GMW to
reach a record high in June 2020 at 19,157 individuals.
7
UNEMPLOYMENT
JANUARY 2021 GMW NUMBER
Hudson
OF UNEMPLOYED
Total 9,546
$439,000
In January 2021, the total number of unemployed
individuals in Greater MetroWest area (GMW)
Hudson was 9,546.
709 Sudbury
478
Framingham and Marlborough each reported
Marlborough Wayland more than 1,000 unemployed individuals
1,620 412 within the entire GMW. These two communities
Northborough combined, accounted for 42.0% of the entire
452 Framingham number of unemployed individuals in the region.
Southborough 2,392
271 Natick
This implied that 4 out 10 individuals who did
998 not have a job in GMW resided within these two
Westborough communities. Natick presented the third largest
548 Ashland
588 number of unemployed for the region, with
Sherborn 998 individuals.
Hopkinton 106
473
The communities with the lowest number of
0 - 500 *.) Holliston unemployed individuals in the labor force
499
501 - 1,000 were Sherborn with 106 individuals, followed
1,000+ by Southborough with 271 individuals and
Wayland with 412 individuals. Together, these
three communities accounted for just about
Source: MA EOLWD, MERC 8.3% of the total unemployed individuals in
the region.
JANUARY 2021 GMW TOTAL LABOR FORCE
Total 164,204
In January 2021, the total number of individuals Westborough Ashland
in the labor force in Greater MetroWest (GMW) 6.4% 6.4%
was 164,204 individuals. Wayland
4.3%
The nine communities that make up MetroWest Sudbury
(MW) accounted for 112,111 individuals or about 5.7%
two-thirds of the total labor force in GMW. The Southborough
four communities in the Greater Marlborough 3.3%
Region (GMR) accounted for 52,093 individuals Framingham
Sherborn 25.0%
or about one-third of the total labor force in GMW. 1.4%
Among the communities in GMW, Framingham
was the largest contributor to the total labor Northborough
force during January 2021 with 25.0% or 40,993 4.8%
individuals. The second largest contributor to the
Holliston
labor force in the region was Marlborough with
Natick 4.6%
14.1% or 23,210 individuals, followed by Natick 12.1%
with 12.1% or 19,923 individuals. Together, these Hopkinton
three communities accounted for about half of Marlborough Hudson 5.5%
the region’s total labor force. 14.1% 6.4%
Of the thirteen communities, the smallest contributors Source: MA EOLWD, MERC
to the total labor force in GMW were Sherborn with only
1.4% or 2,246 individuals, followed by Southborough with 3.3% or 5,347 individuals and Wayland with 4.3% or 7,071 individuals.
Combined, these three communities accounted for 9.0% of the total labor force in the GMW.
8UNEMPLOYMENT
1990 - 2019 GMW JOBS VS. LABOR FORCE
The total number of jobs, depicted in 200,000
green, refers to the total number of 180,000
jobs in establishments located in 160,000
Greater MetroWest (GMW). The total
140,000
number of individuals in the labor force,
120,000
depicted in blue, consists of residents
in GMW that are currently employed 100,000
or unemployed. 80,000
Between 1990 and 1996, the number 60,000
of jobs in GMW was less than the 40,000
number of individuals in the labor 20,000
force, indicating that the region was 0
a net exporter of labor during this 1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
201 1
2012
2013
2014
2015
2016
2017
2018
2019
seven-year period. From 1997 to 2019,
however, the number of jobs in GMW LF Jobs
was greater than the number of individuals
in the labor force, meaning that the region Source: MA EOLWD and MERC
was a net importer of labor.
From 1990 through 2019, the total number of jobs reached its peak in 2018 with 191,886 job offers and in 2019, the region
recorded its greatest number of individuals in the labor force with 167,511 individuals.
In 2019, the total number of jobs in GMW was 191,879, about 24,368 jobs more than the number of individuals in the region’s
labor force.
JUNE 2020 GMW JOBS VS. LABOR FORCE
By Community
The total number of jobs, shown in green, is 45,000
compared to the total number of people in 40,000
the labor force, shown in blue, for each
35,000
community in Greater MetroWest (GMW).
Jobs refer to the number of jobs in the 30,000
establishments that are located in each 25,000
community while the labor force consists of 20,000
all residents in each community who are
15,000
either employed or unemployed.
10,000
As of June 2020, there was a total of 168,042
5,000
jobs in GMW. Framingham had the highest
number of jobs available during this month 0
with 40,642 jobs, followed by Marlborough
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with 29,698 jobs, Westborough with 23,578,
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and Natick with 18,634 available jobs. Combined,
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these four communities contributed two-thirds
of the total available jobs in the region. Jobs Labor Force
Hopkinton, Marlborough, Northborough, Source: MA EOLWD and MERC
Southborough, and Westborough had more jobs
available than individuals in the labor force, indicating that these five communities were net importers of labor.
The remaining eight communities, however, had more individuals in the labor force than number of jobs available, implying that
these eight communities were net exporters of labor.
9EMPLOYMENT
T e MetroWest Economic Research Center
h
(MERC) at Framingham State University
maintains an employment database for the
subject to the law, who worked full-time or part-time
within the thirteen communities of Greater MetroWest.
Annual payroll includes all wages and salaries
MetroWest CCSA™, the Greater Marlborough paid to covered employees including commissions,
Region, the South Shore CCSA™, the 495/MetroWest bonuses, stock options, overtime and sick pay.
region, the Blackstone Valley region, and other The average annual wage is derived by dividing
substate economies. MERC has documented major the gross annual payroll by the average annual
changes in regional employment, industrial structure employment. Establishment or place of work refers
and wages since 1980. For this 2021 publication, to an economic unit that produces goods or services
MERC has developed data for the Greater MetroWest at a single location and is engaged in one type of
region (GMW). economic activity. A firm, therefore, may have one or
more establishments where work is produced. More
MERC research relies on the Massachusetts complete definitions are included in the Appendix.
Executive Office of Labor and Workforce
Development (MA EOLWD) ES-202 series to
develop time series data for employment, payroll,
wages and establishments 1 in the Greater MetroWest
region and Massachusetts. ES-202 data are derived
from quarterly census reports filed by all employers
subject to unemployment laws, both state and federal,
and cover 98% of all U.S. jobs. More than 150,000 MA
employers subject to unemployment compensation
laws participate in the quarterly census. In addition,
MERC research relies on the U.S. Bureau of Labor
tatistics Quarterly Census of Employment and
Work for national employment, payroll, wages, and
establishment data. This publication will include the
latest annual employment data for 2019 and quarterly
employment data for 2020, Quarters 1 and 2. Please note that all data and analysis included in
this section (Greater MetroWest – Employment) refer
In 2001, the North American Industry Classification
to business establishments, not residents, located
System (NAICS) permanently replaced the Standard
within the thirteen communities. Please also note that
Industrial Classification (SIC) system which was in
totals may not always add due to rounding.
use for the previous 70 years. NAICS groups together
establishments that use the same processes to
produce goods and services. For a more detailed
1 Thedefinitions of terms are based on those in the Handbook of U.S.
description of NAICS categories as used in this
Labor Statistics (1998), Employment and Wages in Massachusetts and
publication, please see the Appendix. the Major Metropolitan Statistical Areas Annual Averages 1993-1996,
the North American Industry Classification System – United States,
In the ES-202 series, employment refers to the 2002, www.bls.gov/cew, and MA EOLWD, Employment and Wages
count of all persons on the payroll of establishments by Industry and Area (ES202).
10EMPLOYMENT
2019 GMW EMPLOYMENT BY SUPERSECTOR
PBS, TTU, Ed. & Health, Mfg Led
NRM
In 2019, Greater MetroWest (GMW) employment
Public 0% Construction remained level at 191,900 jobs, approximately equal
10% 4% to 2018 GMW employment.
Other Services
Professional and Business Services (PBS) generated the
3%
Manufacturing largest share of GMW employment with 45,600 jobs or
1 1% 24% of the regional total. Trade, Transportation and Utilities
(TTU) produced the second largest share at 35,500 jobs
Leisure & Hosp. or 19%. Education and Health Services (Ed. & Health)
8% ranked third with 26,300 jobs or 14% of GMW employment,
followed by Manufacturing with 22,000 jobs or 1 1%.
TTU
Together, these four NAICS supersectors: PBS, TTU,
Ed. & Health 19%
Education and Health, and Manufacturing, combined,
14%
produced 129,400 jobs, over two-thirds of GMW
employment.
Information
Two supersectors provided between 8% and 10% of
4%
regional employment: Public (18,500 or 10%) and Leisure
PBS Financial Activities and Hospitality (16,000 or 8%).
24% 3%
The five remaining supersectors: Construction (4%),
Total Employment = 191,900 Information (4%), Financial Activities (3%), Other Services
(3%), and Natural Resources and Mining (NRM) each
Source: MA EOLWD, MERC
contributed less than 5% of regional employment in 2019.
2018 - 2019 NET CHANGE GMW EMPLOYMENT BY SUPERSECTOR
Greater MetroWest (GMW) employment totaled -600 -400 -200 0 200 400 600
191,900 jobs in 2019, unchanged from 2018. NRM
From 2018 to 2019, four NAICS supersectors Construction
combined, gained 1,420 jobs. During the same
Manufacturing
period, seven supersectors combined, lost
a similar number of jobs. These offsetting TTU
employment gains and losses resulted in total Information
GMW employment remaining unchanged in 2019.
Financial Activities
Among all supersectors, Professional and
Business Services (PBS) generated the largest PBS
absolute gain, adding 500 jobs (1%), followed Ed. & Health
by Education and Health, up 460 jobs (1.8%).
Leisure & Hosp.
Information had the largest percentage gain,
adding 330 jobs (4.6%). Public had the smallest Other Services
gain, up 130 jobs (0.7%). Public
Among all supersectors, Manufacturing suffered the
Source: MA EOLWD, MERC
largest absolute decline, losing 580 jobs (-2.6%) while
Construction suffered the largest percentage decline losing 540 jobs (-6.1%).
Five more supersectors also lost jobs in 2018-19. Financial Activities lost 130 jobs (-2%) and Trade, Transportation and
Utilities (TTU) lost 90 jobs (0.2%). Other Services and Leisure and Hospitality also lost employment, losing 60 jobs (-1.1%)
and 20 jobs (-0.1%) respectively, while NRM lost fewer than 10 jobs.
11EMPLOYMENT
2019 GMW EMPLOYMENT
By NAICS Sector
Greater MetroWest (GMW) employment NRM
totaled 191,900 jobs in 2019, virtually Construction
unchanged from one year earlier. Manufacturing
Utilities
The largest NAICS sector in terms of Wholesale Trade
GMW employment was Health Care Retail Trade
and Social Assistance with 22,400 jobs Transport. & Warehousing
Information
(1 1.7%). Retail Trade was the next largest Finance & Insurance
NAICS sector at 22,100 jobs (1 1.6%), Real Estate, Rental, Leasing
followed by Manufacturing with 22,000 Prof/Sci/Tech. Services
jobs (1 1.5%), Professional, Scientific and Management of Companies
Technical Services (Prof/Sci/Tech.) Admin. & Waste Services
Educational Services
which provided 21,000 jobs (1 1.0%),
Health Care, Social Assistance
and Public at 18,500 jobs (9.6%). Arts, Entertainment & Recreation
Accommodation, Food Services
Three sectors generated between
Other Services
10,000 and 15,000 jobs: Accommodation Public
and Food Services (12,900 or 6.7%),
0 5,000 10,000 15,000 20,000 25,000
Administrative and Waste Services (12,400
or 6.5%), and Management of Companies (12,200 or 6.3%). Source: MA EOLWD, MERC
Construction, Wholesale Trade, Information and Other Services each produced between 5,000 and 10,000 jobs, while the
Finance and Insurance sector generated 4,900 jobs. These five sectors combined provided 33,100 jobs, or 17.2% of GMW jobs.
The remaining six sectors combined, produced 14,900 jobs (7.8%) in 2019.
2019 GMW PAYROLL BY SUPERSECTOR
PBS Highest, Tops $5 Billion
In 2019, total payroll in the Greater MetroWest
NRM
Region (GMW) reached a historical high of
$15.4 billion, increasing by $457 million, or Construction
3% from 2018. Manufacturing
Among all supersectors, Professional and TTU
Business Services (PBS) generated the largest Information
payroll in 2019, $5.1 billion or one-third of
Finance Activities
the total GMW payroll. Manufacturing,
the region’s fourth largest supersector in PBS
employment, produced $2.7 billion or 17%. Ed. & Health
Trade, Transportation and Utilities (TTU),
Leisure & Hosp.
second in employment, ranked third in payroll
with $2.1 billion or 13% of regional payroll. Other Services
These three supersectors combined, generated Public
$9.8 billion, or 64% of GMW payroll.
0 1 2 3 4 5 6
Three more supersectors each exceeded $1 billion $ Billion
in payroll: Education and Health ($1.3 billion) and
Public ($1.3 billion) each contributed over 8% of GMW payroll, followed closely by Information ($1.1 billion), contributing
7%. Combined, these three supersectors produced nearly one-quarter of GMW payroll in 2019.
The five remaining supersectors: Construction, Financial Activities, Leisure and Hospitality, Other Services, and Natural
Resources and Mining (NRM) each contributed 5% or less of total regional payroll.
12EMPLOYMENT
2019 GMW PAYROLL
By NAICS Sector
The total payroll generated by firms located NRM
in Greater MetroWest (GMW) reached a new Construction
Manufacturing
record of $15.4 billion in 2019, up 3.0% from
Utilities
one year earlier. Wholesale Trade
Retail Trade
Among the NAICS sectors, two sectors, Transport. & Warehousing
Manufacturing and Professional, Scientific and Information
Technical Services (Prof/Sci/Tech.), led the way. Finance & Insurance
Each sector produced 17.4% of regional payroll, Real Estate, Rental, Leasing
Prof/Sci/Tech. Services
$2.7 billion each. These were the only sectors
Management of Companies
generating more than $2 billion in total payroll. Admin. & Waste Services
Educational Services
The next four largest sectors all had payrolls Health Care, Social Assistance
between $1 billion and $2 billion: Management Arts, Entertainment & Recreation
of Companies ($1.8 billion), Public ($1.3 billion), Accommodation, Food Services
Health Care and Social Assistance ($1.1 billion) Other Services
Public
and Information ($1.1 billion). These comprised
the six largest sectors in terms of payroll, combined, 0 $1 $2 $3
to generate almost 70% of total GMW payroll. Billions
Source: MA EOLWD, MERC
Four NAICS sectors: Retail Trade, Wholesale Trade,
Construction, and Administrative and Waste Services each contributed between $500 million and $1 billion in payroll.
The remaining nine sectors each generated less than $500 million in payroll. Combined, these nine NAICS sectors produced
a total payroll of $2.0 billion or 12.6% of the region’s total payroll.
GMW AVERAGE WAGE BY SUPERSECTOR
Info, Mfg, PBS Wages Highest in 2019
In 2019, the average annual wage for Greater $160,000
MetroWest (GMW) reached a historical high $140,000
of $80,500, up 3.1% from 2018.
$120,000
Among all supersectors, Information generated
$100,000
the region’s highest annual average wage,
$148,700, followed by Manufacturing ($122,100), $80,000 GMW
MA
PBS ($111,300), and Financial Activities ($93,550). $60,000 US
The average wages in five GMW supersectors: $40,000
Construction, Manufacturing, Information,
$20,000
Financial Activities and PBS, exceeded the
GMW average wage, the state average wage of $0
$75,500 and the U.S. average wage of $59,200.
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ac
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supersectors: Natural Resources and Mining, Trade,
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Transportation and Utilities, Education and Health,
Fi
Leisure and Hospitality, and Other Services were Source: MA EOLWD, US BLS, MERC
lower than the regional, state and U.S. average annual
wages. The average wage in the Public sector was lower than the state average wage, but higher than the U.S. average wage.
Leisure and Hospitality posted the lowest annual average wage, $24,900. In 2019, the average annual wage in the Leisure and
Hospitality supersector was one-sixth of the average wage in the Information supersector.
13EMPLOYMENT
2019 GMW AVERAGE WAGE
By NAICS Sector
In 2019, the average annual wage in Greater NRM
MetroWest (GMW) was $80,500, up 3.1% Construction
from 2018. Manufacturing
Utilities
Information led all NAICS sectors with an Wholesale Trade
average annual wage of $148,700, followed Retail Trade
Transport. & Warehousing
by Management of Companies, at $146,400 and Information
Utilities with an average wage of $143,400. Finance & Insurance
Real Estate, Rental, Leasing
Five additional sectors provided annual wages Prof/Sci/Tech. Services
higher than the GMW average wage: Professional, Management of Companies
Scientific and Technical Services (Prof/Sci/Tech.) Admin. & Waste Services
($127,100), Manufacturing ($122,100), Wholesale Educational Services
Health Care, Social Assistance
Trade ($100,100), Finance and Insurance
Arts, Entertainment & Recreation
($98,400) and Construction ($83,600). Accommodation, Food Services
Other Services
Offering average annual wages between $50,000
Public
and $80,000, were five NAICS sectors: Real Estate,
Rental and Leasing ($77,100), the Public sector ($69,300), 0 $50,000 $100,000 $150,000
Transportation and Warehousing ($50,500), Health Care and Source: MA EOLWD, MERC
Social Assistance ($50,100) and Administrative & Waste Services ($50,000).
Four of the remaining six sectors, Natural Resources and Mining (NRM), Educational Services, Other Services and Retail Trade
paid wages in the $30,000 to $50,000 range. Accommodation and Food Service ($25,300) and Arts, Entertainment and
Recreation ($23,000) produced the lowest average wages in the region.
2019 GMW ESTABLISHMENTS BY SUPERSECTOR
PBS, TTU, Ed. & Health, Other Services Led
Public NRM
In 2019, Greater MetroWest (GMW) establishments
301 34 Construction or separate places of work reached a record 1 1,760,
Other Services (3%) (0%) increasing by 190 or 1.7% from 2018.
1,013
1,075 (9%)
(9%)
Professional and Business Services (PBS) led with the
most establishments in the region, 2,800, or 24% of
Manufacturing the region’s total establishments. Trade, Transportation
407 and Utilities (TTU) ranked second with 2,070, or 18%
Leisure & Hosp. (3%)
of the region’s establishments, followed by Education
947
(8%) and Health Services with 1,940 or 16% of the region’s
TTU establishments. These three supersectors combined
2,066 contributed 6,800 or 58% of all GMW establishments.
(18%)
Ed. & Health
Four GMW supersectors: Other Services, Construction,
1,937 Leisure and Hospitality, and Financial Activities each
(16%) Information contributed between 8% and 10% of all establishments.
290 Combined, these four supersectors were home to
(2%)
3,930 establishments or one-third of the region’s
PBS Financial Activities establishments.
2,799 893
(24%) (8%) The remaining four supersectors each contributed
4% or less of the regional establishments:
Manufacturing (MFG), Public, Information, and
Total Establishments = 1 1,760
Natural Resources & Mining (NRM).
Source: MA EOLWD, MERC
14EMPLOYMENT
2019 GMW ESTABLISHMENTS
By NAICS Sector
In 2019, the total number of establishments or NRM
separate places of work in the Greater MetroWest Construction
Manufacturing
region (GMW) was 1 1,760, up 1.7% from 2018. Utilities
Wholesale Trade
Professional, Scientific and Technical Services Retail Trade
(Prof/Sci/Tech.) led all NAICS sectors with the Transport. & Warehousing
largest number of establishments, 1,990, or 16.9% Information
of all regional establishments. Finance & Insurance
Real Estate, Rental, Leasing
Health Care and Social Assistance provided Prof/Sci/Tech. Services
Management of Companies
the second largest number of establishments, Admin. & Waste Services
1,740, or 14.8% of total establishments, followed Educational Services
by Retail Trade with 1,200 (10.2%), Other Health Care, Social Assistance
Services with 1,080 (9.1%), Construction at Arts, Entertainment & Recreation
Accommodation, Food Services
1,010 (8.6%), Accommodation and Food Other Services
Services with 730 (6.2%) and Wholesale Public
Trade with 700 (5.9%). 0 500 1,000 1,500 2,000
Each of the top five sectors, Professional and Source: MA EOLWD, MERC
Technical Services (Prof/Sci/Tech.), Health Care
and Social Assistance, Retail Trade, Other Services and Construction, had more than 1,000 establishments. The 7,010 total
establishments in these NAICS sectors represent almost 60% of all the establishments in GMW.
Four sectors: Transportation and Warehousing, Management of Companies, Natural Resources and Mining (NRM) and
Utilities each had fewer than 200 establishments.
2019 GMW EMPLOYMENT
By Community
Communities in this graph are ranked from Framingham
the largest to the smallest based on 2019 Marlborough
employment levels. Westborough
In 2019, the total number of jobs located in Natick
Hopkinton
Greater MetroWest (GMW) was 191,900, virtually
Hudson
unchanged from one year earlier. Six communities
Northborough
gained employment while seven communities
Southborough
lost jobs. The largest percentage gains were in
Holliston
Marlborough (+3.4%) and Westborough (+2.9%).
Sudbury
Sherborn (-8.8%) and Framingham (-3.3%)
Ashland
suffered the largest percentage declines.
Wayland
Almost one-fourth (24.8%) of GWM jobs were located Sherborn
in Framingham, a total of 47,600 jobs. Marlborough
0 10,000 20,000 30,000 40,000 50,000
followed with 33,000 jobs or 17.2%. Westborough, with
26,100 jobs or 13.6%, and Natick, with 23,400 jobs or Source: MA EOLWD, MERC
12.2% and were the only other communities with more than 10%
of GMW jobs. Combined, these four communities were home to slightly more than two-thirds of regional employment.
Two communities, Hopkinton and Hudson, each had between 5% and 6% of regional employment; while Northborough,
Southborough, Holliston and Sudbury were in the 3% to 5% range.
Four GMW communities set new employment records in 2019: Marlborough (33,000), Westborough (26,100), Ashland (5,000)
and Wayland (4,200).
15EMPLOYMENT
2019 GMW PAYROLL
By Community
The Greater MetroWest (GMW) payroll $4,000
climbed by almost $0.5 billion between
$3,500
2018 and 2019 to reach a new historical
high of $15.4 billion. This represents a 3.0% $3,000
increase in payroll. In 2019, the largest
$2,500
total payrolls were found in Framingham
Millions
($3.8 billion), Marlborough ($3.0 billion) $2,000
and Westborough ($2.2 billion). Two other
$1,500
communities had payrolls in excess of $1
billion: Natick ($1.8 billion) and Hopkinton $1,000
($1.2 billion). Framingham’s share of total
$500
payroll, 24.8%, exactly matches the city’s
share of GMW employment. $0
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The lowest GMW payrolls in 2019 were in
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Sherborn ($35.6 million), Wayland ($230.5
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or
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Su
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W
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million), Ashland ($259.5 million) and
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Sudbury ($392.3 million).
Source: MA EOLWD, MERC
Ten GMW communities experienced total
payroll increases between 2018 and 2019, led by Wayland (+8.9%) and Marlborough (+8.4%). The next largest percentage
increases were seen in Ashland (+7.6%), Hudson (+7.1%) and Natick (+7.0%). Payrolls declined in only three communities:
Sherborn (-5.1%), Framingham (-4.2%) and Sudbury (-2.1%).
2019 GMW AVERAGE WAGE
By Community
The average annual wage in the Greater $120,000
MetroWest region (GMW) reached a new
all-time high of $80,500 in 2019. This $100,000
represents an increase of 3.1% from the
2018 average wage. $80,000
Employers in five of the region’s communities $60,000
paid average wages above the GMW average.
Hopkinton led at $108,000, followed by $40,000
Southborough ($97,700), Marlborough
($90,100), Westborough ($85,100) and $20,000
Framingham ($80,700). Firms in Holliston
and Natick paid the next highest average $0
wages at $77,100 and $74,800 respectively.
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Average wages in Sudbury, Northborough,
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Sherborn, Wayland and Ashland were all
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between $50,000 and $60,000.
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Source: MA EOLWD, MERC
In addition to having the highest average wages in
GMW, Hopkinton and Southborough also recorded the largest percentage increases in average wages between 2018 and 2019.
The average wage in Hopkinton rose 7.9% over that period, while Southborough’s increase was 6.8%.
Between 2018 and 2019, average annual wages declined, and only slightly, in just two of the thirteen Greater MetroWest
communities. Average wages paid by Sudbury employers fell by only 1.0%, while the fall in Framingham was even smaller at 0.9%.
16EMPLOYMENT
2019 GMW ESTABLISHMENTS
By Community
The number of establishments, or separate 3,000
places of work, in Greater MetroWest (GMW)
2,500
reached a record high of 1 1,760 in 2019, up
190 establishments an increase of 1.7%. 2,000
Framingham, Marlborough, Natick and 1,500
Westborough had the largest number of GMW
establishments in 2019. Framingham led with 1,000
2,600 establishments (22.1%), followed by
Marlborough at 1,720 establishments (14.6%). 500
Natick and Westborough had 1,560 (13.3%)
0
and 1,160 (9.8%) establishments respectively.
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Six out of ten of the region’s establishments
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were sited in these four communities.
Hu
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The communities with the smallest shares of
Source: MA EOLWD, MERC
regional establishments were Sherborn with 1.4% of
GMW establishments, a total of 160; Ashland at 4.1% (480 establishments) and Southborough with 490 establishments, also 4.1%.
Twelve of the thirteen GMW communities saw an increase in establishments between 2018 and 2019. The largest percentage
increase of 7.3% occurred in Sherborn, followed by a 5.9% increase in Southborough, a 4.1% rise in Northborough and
Hopkinton’s 4.0% increase.
The only GMW community to lose establishments during this period was Marlborough. The city lost 20 establishments or 1.2%
of the 2018 total.
17EMPLOYMENT
2019 EMPLOYMENT COMPARISON GREATER METROWEST REGION
By Community
Largest
Total Payroll* Number of
Community/Region Number of Jobs* Average Wage* Supersector
(millions) Establishments*
(Employment)
Ashland 5,000 $51,600 $259 480 TTU**
Framingham 47,600 $80,700 $3,838 2,600 PBS***
Holliston 6,700 $77,100 $513 500 PBS
Hopkinton 1 1,000 $108,000 $1,187 600 Manufacturing
Hudson 10,000 $68,000 $678 690 TTU
Marlborough 33,000 $90,100 $2,973 1,720 PBS
Natick 23,400 $74,800 $1,754 1,560 TTU
Northborough 9,500 $59,700 $566 640 TTU
Sherborn 600 $56,200 $36 160 Public
Southborough 8,200 $97,700 $801 490 PBS
Sudbury 6,600 $59,800 $392 670 TTU**
Leisure and
Wayland 4,200 $54,400 $231 500
Hospitality
Westborough 26,100 $85,100 $2,219 1,160 PBS
MetroWest 1 13,300 $79,500 $9,011 7,670 PBS
Greater Marlborough
78,500 $82,000 $6,436 4,200 PBS
Region
Greater
191,900 $80,510 $15,447 11,760 PBS
MetroWest
Education and
Massachusetts 3,633,400 $75,490 $274,265 261,290
Health Services
United States 148,105,100 $59,200 $8,769,109 10,233,820 TTU
Source: MA EOLWD, US BLS, MERC
*Rounded
**Trade, Transportation and Utilities (TTU)
***Professional and Business Services (PBS)
18EMPLOYMENT
1980 - JUNE 2020 GMW EMPLOYMENT
Rapid Decline in the First Few Months of the Pandemic
After reaching all-time high levels in 2018, 250,000
Greater MetroWest (GMW) employment
remained mostly unchanged in 2019. This
200,000
was followed by a rapid decline during the
first few months of the COVID-19 pandemic.
150,000
GMW had nearly 191,900 jobs in 2019, which
represents an increase of 10.2%, or nearly
1 1,100 jobs, from 2009. However, this number 100,000
decreased significantly between March and
April 2020, as the economic shocks of the
pandemic were in full effect. Nearly 30,600 50,000
jobs, or 16.4% of the total, were lost in April
2020 alone, which represents one of the
0
fastest and deepest declines in recent history. 1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
Jan. ’20
March ’20
May ’20
A partial employment recovery took place in
GMW during the May-June 2020 period. By MW GMR
June 2020, GMW had regained nearly 10,300 Source: MA EOLWD, MERC
jobs, a 6.5% increase relative to April 2020. Notes: Shaded region represents monthly data. Greater MetroWest value is equivalent to the
sum of MetroWest (MW) and Greater Marlborough Region (GMR).
Employment levels in both MetroWest (MW) and the
Greater Marlborough Region (GMR) were affected significantly during the early months of the pandemic. That being said,
the monthly decline in jobs during April 2020 was slightly more pronounced in MW, where the number of jobs decreased by
16.9%. By comparison, GMR employment decreased by 15.2% during this same month.
Q1 - Q2 2020 NET EMPLOYMENT CHANGE IN GMW COMMUNITIES
All Communities Affected
The effects of COVID-19 on employment were -16.6% Ashland
first seen in the second quarter of 2020, when
-13.7% Framingham
Greater MetroWest (GMW) total employment
-8.9% Holliston
decreased by nearly 27,000 jobs, or about 14.2%
relative to the previous quarter. While the degree -8.0% Hopkinton
to which individual GMW communities were -16.4% Hudson
affected was different, all thirteen communities -13.5% Marlborough
in the region experienced contractions in their -23.8% Natick
levels of employment. -10.9% Northborough
The four largest percentage declines in the number -4.9% Sherborn
of jobs between the first and second quarter of -7.7% Southborough
2020 were experienced by Natick (-23.8%, or -14.6% Sudbury
5,533 jobs), Wayland (-18.1%, or 677 jobs), Ashland
-18.0% Wayland
(-16.6%, or 835 jobs), and Framingham (-13.7%,
-12.8% Westborough
or 6,291 jobs). On the other hand, Sherborn
(-4.9%, or 29 jobs) and Southborough (-7.7%, -30% -25% -20% -15% -10% -5% 0%
or 633 jobs) were the least affected. Source: MA EOLWD, MERC
Note: Quarterly employment numbers are based on the average of respective months.
In terms of actual jobs lost during the second
quarter of 2020, Framingham, Natick, Marlborough, and Westborough lost the most jobs in the region. These four municipalities
combined accounted for 73.4% of all of the job losses in GMW. It is important to note that as of the end of 2019, these four
communities accounted for 67.8% of the total number of jobs. This disparity suggests that the employment effects of the COVID-19
Pandemic in the Q2-2020 disproportionally affected these four communities, relative to the remaining GMW communities.
19EMPLOYMENT
1980 - Q2 2020 GMW TOTAL ESTABLISHMENTS
Number of Establishments Mostly Unaffected by the Pandemic
14,000
The number of establishments in
Greater MetroWest (GMW) has
12,000
increased significantly in the past
four decades. By the end of the year
10,000
2019, the number of establishments
8,000
located in GMW was 144.2% larger
than it was in 1980, and 16.7% higher
6,000 compared to 2009.
Unlike the clear reductions seen in
4,000
terms of jobs during the second quarter
of 2020, the number of establishments
2,000
was mostly unchanged during the first
six months of 2020. In fact, there was a
0
slight increase (0.3%) in the number of
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020 Q1
2020 Q2
0
establishments in the second quarter of
MW GMR
2020 relative to the previous quarter.
The MetroWest (MW) region continues
Source: MA EOLWD, MERC
Notes: Shaded region represents quarterly data. Greater MetroWest value is equivalent to make up approximately 64%
to the sum of MetroWest (MW) and Greater Marlborough Region (GMR). of all establishments in GMW. The
Greater Marlborough Region (GMR)
accounts for the remaining 36% of
establishments.
Q1 - Q2 2020 GMW, MA, US NET PERCENT CHANGE
Consistent Losses in Employment and Payroll
The economic effects of the COVID-19 2%
Pandemic first became evident during 0%
the second quarter of 2020 at the 0.4% 0.7% 0.3%
-2%
national, state, and regional level.
-4%
Employment and payroll in the United
States, Massachusetts, and Greater -6%
MetroWest (GMW) decreased significantly. -8%
-10% -1 1.1%
Massachusetts and Greater MetroWest
were hit particularly hard by the -12% -13.5%
-14.1% -14.2%
disruptions of the pandemic, especially -14%
-16.1% -16.4%
when compared to the national average. -16%
Nearly one out of every seven jobs in
-18%
Massachusetts and Greater MetroWest
Employment Payroll Establishments
disappeared during the second quarter
US MA GMW
of 2020. By comparison, this number
was close to one out of nine jobs in the Source: MA EOLWD, MERC
Note: Quarterly employment numbers are based on the average of respective months.
United States during the same period.
While job losses during the second quarter of 2020 were significant, the decline in payroll was even more pronounced. In
the case of Massachusetts and GMW, payroll decreased by over 16% in that quarter. It is also important to note that, as with
employment, the state and the GMW region were slightly more affected than the nation overall.
In contrast to the declining employment and payroll levels, the number of establishments in the United States, Massachusetts,
and GMW experienced a slight increase during this time period.
20HOUSING
T e MetroWest Economic Research Center
h
(MERC) at Framingham State University
collects and analyzes data on housing permits
Banker & Tradesman. Most of these data are available
from 1987 forward, and were significantly revised
in the spring of 2008 in order to better capture
issued and existing home sales for Greater market activity. Hence, some of the housing figures
MetroWest (GMW), the aggregated MetroWest in this report are not directly comparable to the values
CCSATM and Greater Marlborough Region. reported in previous MERC publications. Data are
The MetroWest CCSATM includes Ashland, collected on single and multi-family residences sold
Framingham, Holliston, Hopkinton, Natick, in the thirteen communities. Median house price is
Sherborn, Southborough, Sudbury and Wayland. measured at the 50th percentile in each town; that is,
The Greater Marlborough Region includes Hudson, half the homes sold for more than the median price
Marlborough, Northborough, and Westborough. and half sold for less than the median price. Median
MERC gathers housing data for these thirteen prices for the regions are estimated. It is important
communities from several sources. to remember that a change in median price does not
reflect appreciation or depreciation in the value of
Information on existing home sales is based individual homes. Rather, there is a different mix of
on data published by The Warren Group for homes sold each year.
21HOUSING
1987 - 2020 GMW SINGLE FAMILY HOME SALES
Sales of existing single family homes are shown 4,500
for Greater MetroWest (GMW) by the height of 4,000
this graph. The data is shown for a 33-year
period from 1987 to 2020. These sales consist 3,500
of a different mix of homes sold each year, and 3,000
do not represent a change in value of the homes.
The green area shows the sales of existing 2,500
homes in the nine communities of MetroWest
2,000
(MW) while the orange area refers to the four
communities of the Greater Marlborough 1,500
Region (GMR).
1,000
The largest one-year percentage decrease in
500
single family home sales occurred 1999 to 2000,
representing a 16.9% drop; the largest one-year 0
percentage increase occurred between 1990 and 1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1991, representing a 23.0% increase in single family
home sales in GMW. MW GMR
Low points in single family home sales in GMW occurred in 1990, 1995, Source: The Warren Group and MERC
2001, 2008, and 201 1; whereas peaks occurred in the years 1999 and
2004. The fewest homes sold in GMW occurred in 1990 at 2,099 units sold, and the peak occurred in 1999 at 3,986 units sold.
From 2019 to 2020, MW experienced an increase of 1 14 units sold or 5.2% and GMR experienced a decrease of 4 units sold
or -0.5%.
2020 GMW SINGLE FAMILY HOME SALES
3,136 Units Sold
Westborough Ashland
In 2020, 3,136 existing single family homes
6.7% 5.6% were sold in Greater MetroWest (GMW). This
Wayland represents an increase of about 110 homes from
5.9% the previous year.
Sudbury
Framingham and Natick were the only two
8.4% communities to have over 300 single family home
Framingham
19.4% sales in 2020 and these communities combined
Southborough for 32.2% of all single family home sales in GMW.
4.8%
The nine communities of MW combined to
Sherborn contribute 73.4% or 2,303 single family home
2.1% sales and the four communities of GMR contributed
Holliston 26.6% or 833 single family home sales in 2020.
Northborough 7.5%
5.3%
Framingham and Natick were the only communities
to each contribute over 10% of total sales and
Natick Hopkinton Sherborn and Southborough were the only to
12.9% 7% contribute less than 5%.
Marlborough Hudson
5.7% Framingham accounted for nearly one fifth of all
8.9%
single family home sales made in the entire GMW in
Source: The Warren Group and MERC
2020, 19.4%. Sherborn accounted for the smallest
percentage of single family homes sales in GMW at
only 2.1%.
22HOUSING
EXISTING SINGLE FAMILY HOMES SOLD
GMW % Change 2019 to 2020
This graph shows the percent change in 50%
existing single family home sales from 40%
2019 to 2020 in Greater MetroWest (GMW)
and in each of its thirteen communities, as 30%
well as Massachusetts (MA). 20%
In 2020, there were 1 10 more units sold in 10%
GMW than in 2019, a 3.6% increase. MA,
0%
on the other hand, reported a 2,308-unit
increase from 2019, or 3.9%, respectively. -10%
Holliston and Westborough reported the -20%
largest percent increases in units sold
-30%
between 2019 and 2020. Holliston reported
71 additional units sold, equivalent to a -40%
43.3% increase, and Westborough reported
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55 additional units sold, an increase of 35.7%.
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In Southborough and Wayland, an additional
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21 units were sold in 2020, a 16.3% and 12.7%
increase, respectively. Ashland remained in the top Source: The Warren Group and MERC
four for largest percent increases in units sold at 15.1%.
Sherborn and Northborough reported the largest percent decreases in units sold between 2019 and 2020. In 2020,
Northborough saw a 9.7% decrease in units sold from 2019 and Sherborn, a 27.8% decrease.
1987 - 2020 GMW SINGLE FAMILY MEDIAN SALE PRICE
This graph shows the estimated $700,000
median sale price of existing single
family homes in Greater MetroWest $600,000
(GMW) during the 33-year period
from 1987 to 2020. Please note that $500,000
these sales represent a different
mix of homes sold each year and, $400,000
therefore, do not reflect the changes
in the value of individual homes. $300,000
The data series reached a new peak
$200,000
in 2020 with an estimated median
sale price of $595,643 representing
$100,000
an almost 200% increase from the
1987 median sales price of $204,758.
$0
The biggest one year increase during
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
the last decade occurred between 2019
and 2020, when prices were $546,092
Source: The Warren Group and MERC
and $595,643, respectively. This increase
of almost $50,000 represents a 9.1% gain.
The most recent low point for estimated median sales price in this region occurred in 2009 at $381,181. There was a 56.3%
increase from 2009 to 2020, during which the estimated median sale price increased by nearly $215,000.
23HOUSING
EXISTING SINGLE FAMILY HOME PRICES
GMW Communities
This map shows the 2020 median sale prices
for existing single family homes in the thirteen
Hudson communities of Greater MetroWest (GMW).
$439,000 Sudbury
$799,900
Median sale prices ranged from a low of
Wayland
$439,000 in Hudson to a high of $800,000
Marlborough
$440,000 $783,750 in Sherborn.
Northborough
Six of the thirteen communities had median
$480,000 Framingham
Southborough sale prices under $550,000. Ashland,
$496,000
$720,000 Natick Framingham, Holliston, and Northborough
$712,500 registered between $450,000 and $550,000.
Westborough
$585,000 Ashland Only Hudson and Marlborough posted median
$488,500 sale prices below $450,000.
Sherborn
Hopkinton $800,000
Seven communities had median sale prices
$675,000
above $550,000. Westborough was the only
*.) Holliston
≤ $450,000 $540,000 community between $550,000 and $650,000
$450,001 - $550,000 at $585,000. Natick came in at $712,500.
$550,001 - $650,000 Hopkinton had a median sale price of
$675,000 and Southborough had a median
Over $650,000
sale price of $720,000. Sherborn, Sudbury
Source: The Warren Group and MERC and Wayland posted the highest median
sale prices at $800,000, $799,900, and
$783,750, respectively.
EXISTING SINGLE FAMILY MEDIAN SALE PRICE
GMW % Change 2019 to 2020
Twelve of the thirteen communities 16%
experienced increases in median price 14%
between 2019 and 2020. Natick recorded the
largest percentage increase in median price 12%
at 15.9% from $615,000 in 2019 to $712,500 10%
in 2020. Holliston had the second largest
percentage increase of 14.9% from $469,950 8%
in 2019 to $540,000 in 2020. 6%
Only one of the thirteen communities 4%
experienced a decrease in median prices
2%
between 2019 and 2020. Ashland recorded
a decrease in median price of 2.3% from 0%
$499,950 in 2019 to $488,500 in 2020.
-2%
Sherborn registered the smallest percentage
increase at 0.5% from $795,800 in 2019 to -4%
$800,000 in 2020.
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From 2019 to 2020, Massachusetts
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experienced an increase of 1 1.5%, which is
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a higher percentage increase than ten of the
Source: The Warren Group and MERC
communities in GMW and is 2.4 percentage
points higher than the overall change in GMW.
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